Half of 1 Million Public Housing Units in 5 Years to Go to Young People

The government will supply more than 1 million public housing units (housing provided and managed by the state or public institutions) by 2030 and allocate more than half of them to young people on a priority basis. The Ministry of Land, Infrastructure and Transport said it will quickly supply apartments for sale and rental housing in high-demand areas, providing 1.19 million units by 2030. Some 77 percent of the supply will be concentrated in the Seoul metropolitan area, and of the 150,000 units available for move-in by the end of next year, 100,000 will also be in the capital region.

Rental housing forms the largest pillar of this plan. The government aims to supply roughly 950,000 rental units by mobilizing every available means, including building 350,000 new units on public land and other sites. Kim Yi-tak, First Vice Minister of Land, Infrastructure and Transport, said, "By 2030, we will usher in an era of 2.5 million long-term public rental units, and long-term public rentals will account for more than 10 percent of the total housing stock."

Of the total supply, 190,000 units will be universal public rental housing. Existing public rental housing has been criticized for its small floor plans and aging facilities, resulting in low resident satisfaction. Accordingly, the government plans to increase the share of mid-sized units of around 34 pyeong (about 112 square meters) and upgrade finishing materials to the level of private housing.

More than half of the units will be allocated on a priority basis to young people aged 39 or younger. Expanding the pool of eligible tenants is also under review. Currently, only those earning up to 150 percent of the median income can move into public rental housing, but the government is considering relaxing this threshold so that homeless real-needs households can also apply.

In the third-generation new towns and other areas, 243,000 apartments for sale will be released for homeless real-needs buyers. Equity-building and revenue-sharing models, which ease the initial financial burden, will also be introduced.